When To Drop The Price On Your Knoxville Home For Sale
Your Knoxville home for sale has been on the market for a few weeks, with only a handful of showings and no offers. Understandably, you’re getting frustrated. You’re constantly hearing about how houses selling in a matter of days, and you’re only left wondering why yours hasn’t done the same.
So, what’s next? When is it time to drop the price?
This can be one of the toughest decisions for a seller to have to make while selling their Knoxville home for sale. You don’t want to drop the price too soon, but you don’t want your home to sit stagnant on the market. Here is when to drop the price on your Knoxville home for sale.
Assess The Local Market In Your Price Range
The first thing that you must do before considering a price drop on your Knoxville home for sale is to truly assess your home’s situation. Every home and price range is a little different on how quickly it is expected to sell. For example, if your selling a luxury home, it wouldn’t necessarily be odd if you hadn’t gotten an offer after a few weeks, as luxury homes tend to take longer to sell due to a lesser demand. In comparison, if you’re selling a home between $120,000 and $250,000, if you haven’t gotten any offers or a lot of showings, you may want to consider your price because these homes tend to be more in demand.
To figure out what your situation is, sit down with your Realtor and find out how quickly homes have been selling in your area and what their prices are. With that information, you may want to assess if you should make a change in your price.
Analyze Your Showing Activity
Prior to considering a price drop on your Knoxville home, it’s important to consider the amount of interest your home has shown since it has been on the market. Did you home receive a lot of showings from the start? What kind of feedback have you been getting? How many views of the home have you been getting online? And, now, in comparison, how is the showing activity?
Depending on your situation, you may decide to drop the price right away or you may decide to wait a few weeks to see what happens. If you’ve found that the activity on your home has been stagnant form the beginning, you may decide to drop the price right away. If you haven’t seen a drop in activity, you may decide to wait. In addition, it is important to consider how quickly homes for sale in your area have been selling, if they’ve been selling in a matter of days, you may want to consider a price drop.
Assess Your Personal Situation
When considering a price drop on your Knoxville home for sale, it’s always important to take into account your personal situation. If you don’t mind waiting your home sale out, you may not be as aggressive with your price strategy. But, if your on a certain timeline, you may consider pricing your home more aggressively to get it to sell quicker.
As you consider a price drop, you have to consider what is personally important to you. If you need to get rid of your home quickly, you may be willing to cut into your bottom line a little more than if you have the time an patience to wait it out.
Bottom Line – Make A Move Before The Listing Goes Stale
Finally, as you consider a price drop on your Knoxville home for sale, it’s important to remember that they longer your home sits on the market, the more stagnant the listing becomes. By looking at the age of your listing, buyer and agents will wonder what might be wrong with your home that has made it sit on the market so long. Generally, it can be best to act quickly when dropping the price on your home before a listing grows stale.
Are you thinking about selling your Knoxville home this year? If you are interested in buying a home in Knoxville or in the greater Knoxville area, please do not hesitate to contact us. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be contacted at 865-392-5880 or via email at [email protected].
